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- RBC Capital analyst Joseph Spak maintained Rivian Automotive Inc (NASDAQ:RIVN) with an Outperform and cut the price target from $75 to $62.
- Spak found a sizeable addressable market that is up for grabs as the industry goes electric.
- He liked the segments that Rivian chased. Rivian will initially focus on the NA market, a region he believes is on the cusp of a BEV inflection. Further, ~77% of 2021 U.S. light vehicle sales are trucks, where the Rivian consumer portfolio is focused. Rivian's initial consumer products, the R1T and R1S, are impressive and category-defining.
- He found Rivian's clean sheet approach and tech allows for vehicles as a platform for recurring revenue.
- He noted Rivian's diverse business model and having Amazon.com Inc (NASDAQ:AMZN) involvement helped add scale. Amazon allows Rivian to attack the electric last-mile delivery market with a great partner that can provide invaluable feedback. Further, the Amazon order of 100K vehicles by 2025 with an estimated $7 billion value helps provide visibility.
- However, he cut the 2023 production expectations as Rivian will switch to introduce LFP packs and their new in-house Enduro motor and plans to re-rate their plant to allocate 75% of production to the R1, which will require a multi-week changeover.
- Price Action: RIVN shares traded higher by 1.52% at $34.3 on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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